The company is currently trading at 10.43x of TTM eps of Rs 28.71 while it is trading at 10.20x of FY18E eps of Rs 29.37 & 9.50x of FY19E EPS of Rs 31.50. On the back of capacity expansion, co’s focus on deleveraging its balance sheet & strong demand in paper sector , co will stand to benefit going forward. Along with it reasonable valuation at current level makes it strong investment candidate. Hence , we recommend “Buy” on the stock with price target of Rs 390(appreciation of almost 30%) for long term investment.
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